Brian St.Clair

Realtor ABR CDPE CLHMS E-PRO GRI PSA

Market Updates

DFW Market Update for August 2, 2017

8/2/2017
I wanted to give you a quick update on our Dallas/Fort Worth market and fill you in on what I'm seeing from my side.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

609 New Listings
584 Price Decreases
515 Homes went into Option Contract
625 Homes went into Pending Status
833 Homes Sold
Currently in Tarrant County we have approximately 3,975 homes actively for sale. Price point breakdown:

$0-$100k        91 Active
$100-200k    616 Active
$200-300k  1115 Active
$300-400k    739 Active
$400-500k    447 Active
$500-600k    261 Active
$600-750k    215 Active
$750-1 Mil    216 Active
Over 1 Mil     267 Active
My Analysis:
Welcome to late summer in North Texas! Many people are going on vacation or getting ready for school (which starts in about three weeks for most districts in our area). We usually see quite a few closings right at the end of July (which we did), so we are following the trends from past years. If past years are a good indicator, it could be a very busy fall this year.

Many home sellers have been placing their homes for sale this summer. In fact, we saw the active listings in Tarrant County rise from around 2600 in mid-May to right around 4000 here at the beginning of August. It is also fairly common for homes that have been on the market for a little while during the summer to begin to reduce their list price to attract active buyers. After school begins in mid-August, the price decreases don't usually continue for very long. As a matter of fact, home prices trend up beginning in September. If you are considering selling your current home, it is still a very good time to be in the market.

Builders are very busy in our area and they tend to be leaders on where our market is going in the near future. Currently, we have 574 homes listed by builders in Tarrant County. This would be considered a normal to high amount of homes for builders. Good weather during the summer and stabilization of building materials pricing have contributed to a favorable season for the builders. Most builders also have a "Spec" inventory that is not listed in the MLS, so their current availability is probably slightly higher than 574 homes.

Mortgage rates are solid in the low 4's. We are expecting many buyers to come back into the market by the fall. Those buyers that were disappointed in the spring by rising home prices and stiff competition should find a more friendly market when they return. Now is a good time to get your pre-approval completed with a lender if you haven't already done so.
I hope this info is useful to you. Please let me know if I can ever answer any questions for you!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI, PSA
www.brianstclair.com
(817) 725-3008

DFW Market Update for June 30, 2017

6/30/2017
I wanted to give you a quick update on our Dallas/Fort Worth market and fill you in on what I'm seeing from my side.

All of my data will be for Tarrant County (Fort Worth). If you would like Dallas, Denton, Wise, Parker, or any other county info, just let me know and I'll pull the data for you. :)

Over the past 7 days, we've seen:

563 New Listings
476 Price Decreases
562 Homes went into Option Contract
633 Homes went into Pending Status
650 Homes Sold
Currently in Tarrant County we have approximately 3,700 homes actively for sale. Price point breakdown:

$0-$100k        81 Active
$100-200k    478 Active
$200-300k  1015 Active
$300-400k    725 Active
$400-500k    420 Active
$500-600k    259 Active
$600-750k    219 Active
$750-1 Mil    221 Active
Over 1 Mil     282 Active
My Analysis:
Typically, April/May/June are 3 of the strongest months for home sales. Many buyers are willing to pay more than list price to get a home in these months. I often see my listings sell within the 1st 2-5 days of being on the market during the spring. 

It is not uncommon to see a lot of homes come on the market during June. Many people wait until school is out (end of May/early June) to list their homes for sale. While this increases our inventory, the days on market begins to get longer because buyers have more choice of what they want to buy (still very dependent on what area the home is located). 

As summer progresses, it is normal for list prices to come down slightly. The summer is, of course, vacation season for a lot of people, so we see quite a few ebbs/flows of the number of closings during the summer. Some weeks will be very HOT and some will be not.
Some stats that I've seen tell us that as many as 117 people per day are moving to Tarrant County. The other counties in our area are seeing similar growth rates. With a great economy and still great "bang for your buck", it's no wonder that so many people are coming to our area. But this also puts incredible pressure on the real estate market. Builders are building as fast as they can but it is still a 6-9 month progression to build a home.

Mortgage rates are continuing to be solid around 4%. New lending laws are coming into effect later this summer that will allow many more people to become buyers. Previously, a buyer had to count any student loan debt against their debt-to-income ratio. That will be going away soon. This will allow a great number of people to qualify for a mortgage that could not qualify before. Maybe you or someone that you know is in this category? Call me and let's discuss!
I hope this info is useful to you. Please let me know if I can ever answer any questions for you!
Brian St.Clair
RE/MAX Heritage
Realtor, ABR, CDPE, CLHMS, E-Pro, GRI
www.brianstclair.com
(817) 725-3008
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